Indian stockbroker Harshad Shantilal Mehta was a proven scammer. Harshad Mehta’s net worth is $475.Harshad Mehta’s connection with the 1992 Indian securities made him notorious as a market manipulator. He is known as Big Bull. In the Indian stock market, he made a name for himself in the 1980s and 1990s.
He has done a lot of scams with leading companies, banks, etc. The purpose of those scams was to use them as fuel for his stock market operations. This blog will discuss Big Bull’s (Harshad Mehta) family, his business, why he had an infamous, luxurious lifestyle, and Harshad Mehta’s net worth. To know all these aspects, be with us! We will discuss it here.
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Harshad Mehta Wikipedia
| Category | Information |
|---|---|
| Full Name | Harshad Shantilal Mehta |
| Nickname | Big Bull |
| Date of Birth | 1954 |
| Place of Birth | Rajkot, Gujarat, India |
| Date of Death | December 31, 2001 |
| Age at Death | 47 |
| Occupation | Stockbroker |
| Notable Scam | 1992 Indian Securities scam |
| Notable Traits | Charismatic, master manipulator of the stock market |
| Family | Parents: Shantilal Mehta (father), Rasilaben Mehta (mother) |
| Spouse: Jyoti Mehta | |
| Children: Aatur Harshad Mehta | |
| Siblings | Aswin Mehta, Sudhir Mehta, Hitesh Mehta (brothers) |
| Net Worth | Estimated at $475 million (INR 3542 crores) |
| Notable Residence | Worli condominium in Mumbai |
| Two apartments in Juhu, Mumbai | |
| Notable Office | Grow More Research and Assets Management, Maker Chambers, Nariman Point, Mumbai |
| Legal Troubles | Imprisoned after being exposed for securities scam |
| Tried, but failed, to prove his innocence | |
| Death | Died on December 31, 2001, reportedly due to a heart attack while in judicial custody |
Let’s start with his complete bio before knowing Harshad Mehta’s net worth in detail, like how he became so rich by his scams. Who was Harshad Mehta?
If you use social media often, you have probably heard about or seen the 2020 release of the well-known web series Fraud 1992. The renowned Harshad Mehta was the architect of one of the largest scams in Indian history, which inspired the web series.
Gujarati stock market broker Harshit Mehta, also known as Harshad Shantilal Mehta, was born in Rajkot in 1954. The man left behind a modest upbringing in Gujarat before relocating to Mumbai to finish his studies. Before relocating to New India Assurance Limited in Mumbai, he worked as a salesman for different businesses.
Big Bull and Amitabh Bachchan
After leaving the position in the 1980s, he joined a brokerage firm where he met Prasann Pranivandas and gained much knowledge about the stock market. He gained knowledge and made his name in the stock market under his direction, earning him the nickname “Big Bull” and “Amitabh Bachchan” of the Indian stock market.
He was a charming figure and a master at manipulating the stock market to his benefit.
It was found that Mehta was connected to a securities scam worth billions of dollars. He manipulated many companies’ stock prices to create an artificial demand and to originate their prices. Some of India’s leading banks were included in that manipulation.
Mehta is known for taking calculated risks and never letting them stand in the way of his ascent to fortune and creating his empire. He died on 30 December 2001 at the age of 47.
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Harshad Mehta Family
If we talk about Harshad Mehta’s family, his parents are Shantilal Mehta (father) and Rasilaben Mehta ( mother). He has a son. Aatur Harshad Mehta is his son’s name. His wife’s name is Jyoti Mehta. Almost 20 years after his husband’s death, his wife Jyoti has broken her silence and launched a website to defend her late husband, who died on 30 December 2001 in police custody. He had three brothers: Aswin Mehta, Sudhir Mehta, and Hitesh Mehta. Harshad Mehta is the eldest of his siblings.
Harshad Mehta 1992 Security Fraud Scam
Mr. Harshad Mehta conducted a systematic fraud on the Indian stock market in 1992 under the guise of the Security Fraud scheme. When Mehta committed this fraud, buying stocks did not require maintaining a minimum amount. The broker did not need to have a Demat account for selling stocks. In this sense, the flaws and vulnerabilities in the Indian stock market enabled Harshad Mehta to take advantage of these weaknesses in the system, causing chaos and upending the whole securities industry.
Using fake bank receipts, Harshad Mehta constructed a diversion of stocks and unlawfully collected funds from some reputable banks, including the National Housing Bank, SBI (State Bank of India), and UCO Bank. Mehta made over $1 billion in scams to purchase stocks from the Bombay Stock Exchange (BSE), which caused the financial sector to suffer a significant loss of 3500–4000 crores and the disastrous collapse of the Indian stock market.
Who exposed Harshad Mehta?
It is said that before Times of India journalist Sucheta Dalal exposed Harshad Mehta and his illegal activities, he was on the verge of selling his property to pay off his debts and refund his clients. Harshad Mehta was imprisoned after multiple cases were brought against him. There, he attempted but was unable, to prove his innocence. The 1992 scam turned out to be the largest scam in the stock market’s history, and the RBI implemented numerous measures in India to ensure that such a practice never occurs again.
Harshad Mehta’s net worth in Mumbai
In addition to an opulent Worli condominium and an array of high-end vehicles, Harshad Mehta’s property portfolio consists of two further apartments in a wealthy Mumbai neighborhood. The property of Harshad Mehta is located in Vandana, CHS, on Janki Kutir Road, Juhu. Mehta owns two apartments, Nos. 202 and 301, each of which is 1,150 square feet and has a captivating sea view. In addition to his homes. More Research and Assets Management, located in Maker Chambers at Nariman Point, Mumbai, was owned by Harshad Mehta. Mehta’s office occupied an entire level in one of the priciest areas.
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Harshad Mehta’s net worth
The company was once run by brothers Aswin and Harshad Mehta, a self-made millionaire. Although Harshad Mehta is no longer with us, his brother is thought to have amassed a substantial fortune. According to reports, Harshad Mehta’s estimated net worth during his lifetime was close to $475 million, or approximately INR 3542 crores. At the height of his stockbroking profession, his fortune climbed dramatically, while many others suffered severe financial losses due to the largest swindle carried out by Harshad Mehta.
FAQs
Q: What was Harshad Mehta’s net worth during his lifetime?
Answer: Harshad Mehta’s estimated net worth during his lifetime was close to $475 million, or approximately INR 3542 crores.
Q: What was Harshad Mehta’s connection to the 1992 Indian securities scam?
Answer: Harshad Mehta was involved in a securities scam worth billions of dollars in 1992, manipulating stock prices and involving leading banks and companies.
Q: Who exposed Harshad Mehta’s illegal activities?
Answer: Times of India journalist Sucheta Dalal exposed Harshad Mehta and his illegal activities, leading to his imprisonment and exposure to the 1992 scam.